Manulife announces intention to redeem Singapore dollar 3.00% Subordinated Notes
Manulife Financial (MFC) has announced its intention to redeem all outstanding 500 million Singapore dollars principal amount of 3.00% Subordinated Notes on November 21, 2024. The Notes, originally due November 21, 2029, are redeemable at MFC's option at par value. The redemption will include accrued and unpaid interest up to, but not including, the redemption date. MFC will deliver formal notice to Note holders as per the Trust Indenture. Interest on the Notes will cease to accrue on the redemption date. This redemption option applies to the entire principal amount and can be exercised on November 21, 2024, or any subsequent interest payment date.
Manulife Financial (MFC) ha annunciato la sua intenzione di rimborsare l'intero importo di 500 milioni di dollari di Singapore del 3,00% Obbligazioni Subordinate il 21 novembre 2024. Le Obbligazioni, originariamente in scadenza il 21 novembre 2029, sono rimborsabili a scelta di MFC al valore nominale. Il rimborso includerà gli interessi accumulati e non pagati fino, ma non oltre, la data di rimborso. MFC comunicherà un avviso formale ai portatori di Obbligazioni secondo quanto previsto dal Trust Indenture. Gli interessi sulle Obbligazioni cesseranno di accumularsi alla data di rimborso. Questa opzione di rimborso si applica all'intero importo principale e può essere esercitata il 21 novembre 2024 o in qualsiasi successiva data di pagamento degli interessi.
Manulife Financial (MFC) ha anunciado su intención de redimir la totalidad de 500 millones de dólares de Singapur del 3,00% Notas Subordinadas el 21 de noviembre de 2024. Las Notas, que originalmente vencían el 21 de noviembre de 2029, son redimibles a opción de MFC al valor nominal. La redención incluirá intereses acumulados y no pagados hasta, pero no incluyendo, la fecha de redención. MFC entregará un aviso formal a los tenedores de Notas conforme al Contrato de Fideicomiso. Los intereses de las Notas dejarán de acumularse en la fecha de redención. Esta opción de redención se aplica al monto principal total y puede ejercerse el 21 de noviembre de 2024, o en cualquier fecha de pago de intereses posterior.
Manulife Financial (MFC)는 모든 미지급 5억 싱가포르 달러의 3.00% 후순위 채권을 상환할 의사를 발표했습니다 2024년 11월 21일. 이 채권은 원래 2029년 11월 21일에 만료되며, MFC의 선택에 따라 액면가로 상환할 수 있습니다. 상환에는 상환일을 포함하지 않고, 그 이전까지 발생한 미납 이자가 포함됩니다. MFC는 신탁 계약에 따라 채권 보유자에게 공식 통지를 전달할 것입니다. 상환일에 채권에 대한 이자 발생이 중단됩니다. 이 상환 옵션은 전체 원금에 적용되며, 2024년 11월 21일 또는 이후의 모든 이자 지급일에도 행사할 수 있습니다.
Manulife Financial (MFC) a annoncé son intention de racheter l'intégralité du montant en principal de 500 millions de dollars de Singapour des Obligations Subordonnées à 3,00% le 21 novembre 2024. Les Obligations, initialement dues le 21 novembre 2029, sont rachetables à l'option de MFC à la valeur nominale. Le rachat comprendra les intérêts accumulés et impayés jusqu'à, mais sans inclure, la date de rachat. MFC adressera un avis formel aux détenteurs d'Obligations conformément au Trust Indenture. Les intérêts sur les Obligations cesseront d'être accumulés à la date de rachat. Cette option de rachat s'applique à l'intégralité du montant principal et peut être exercée le 21 novembre 2024 ou à toute date de paiement d'intérêts ultérieure.
Manulife Financial (MFC) hat seine Absicht bekannt gegeben, den gesamten ausstehenden Betrag von 500 Millionen Singapur-Dollar der 3,00% nachrangigen Anleihen am 21. November 2024 einzulösen. Die Anleihen, die ursprünglich am 21. November 2029 fällig waren, können nach Wahl von MFC zum Nennwert eingelöst werden. Die Einlösung beinhaltet aufgelaufene und unbezahlte Zinsen bis, aber nicht einschließlich, des Einlösedatums. MFC wird den Note-Inhabern gemäß dem Treuhandvertrag eine formelle Mitteilung zukommen lassen. Die Zinsen auf die Anleihen hören am Einlösedatum auf zu laufen. Diese Einlösungsoption gilt für den gesamten Hauptbetrag und kann am 21. November 2024 oder an jedem nachfolgenden Zinstermin ausgeübt werden.
- Early redemption of debt potentially indicating strong financial position
- Potential reduction in interest expenses for the company
- Reduction in available long-term financing options
Insights
This announcement of Manulife's intention to redeem
The early redemption, scheduled before the 2029 maturity, suggests that Manulife may have access to more favorable financing options or sufficient cash reserves. This could be seen as a positive sign of the company's financial health and liquidity position.
However, investors should consider the broader implications:
- Impact on capital ratios and regulatory requirements
- Potential for new debt issuance at potentially lower rates
- Effects on the company's overall debt profile and financial flexibility
While this move may slightly reduce Manulife's leverage, the overall impact on the company's financial position is likely to be modest given its large market capitalization of over
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945
Interest on the Notes will cease to accrue on the redemption date.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto,
Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
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SOURCE The Manufacturers Life Insurance Company
FAQ
When will Manulife Financial (MFC) redeem its Singapore dollar 3.00% Subordinated Notes?
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When will interest cease to accrue on MFC's Singapore dollar 3.00% Subordinated Notes?
